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the makeup goods and services in the GDP of developed countries has changed over the last decade. more than 50% of the value of GDP of developed countries is based on

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knowledge (intellectual assets and intangible people skills)

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as the competitive environment changes, strategic management must focus on different aspects of the organization. recently, strategic management has moved from focusing on

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tangible resources to intangible resources

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changes in our economy have forced firms to be more concerned with protecting their

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knowledge workers, social capital, intellectual capital

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in the knowledge economy, if a large portion of a firm's value is in intellectual and human assets, the difference between the company's market value and book value should _____________ a company with mostly physical and financial assets

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be larger than

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according to the text, intellectual capital is the difference between the market value and the book value of a firm. intellectual capital can be increased by

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attracting and retaining knowledge workers

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which of the following firms would you expect to have the highest ratio of market value to book value?

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google

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human capital includes

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an individual's capabilities, knowledge, and skills

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_________________ includes creativity and problem solving ability

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human capital

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_________________ can be defined as the "network of relationships that individuals have throughout the organization"

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social capital

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tacit knowledge

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can be accessed only with the consent of the employees because it is in the minds of the employees

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new knowledge involves the continual interaction between ____________ and ________________

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tacit; explicit

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recently, a knowledge worker's loyalty to their employing firm has ___________________ compared to his or her loyalty to their profession and colleagues

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decreased

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the text discusses 3 areas firm must be concerned with in order to keep their best and brightest employees from leaving. these include all of the following EXCEPT

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sorting/absorbing

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managing a knowledge intensive workforce is very challenging. the best way for a firm to manage its workforce is to

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balance efforts in the attraction, selection, and retention of top talent

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in an effort to reduce wasted time and effort in interviewing too many candidates while assuring a good candidate pool, a firm should

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use a pre-interview quiz or "bozo filter" (e.g., Cooper Software)

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many companies use referrals by current employees as a source for new hiring and even monetarily reward them for the following reasons:

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both because current employees are careful in their recommendations because of their credibility and also because it is less expensive than the fees paid to headhunters

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ABC, Incorporated desires to have the most qualified people in every position throughout its organization. This is an example of a concern for

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developing human capital

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developing human capital is essential to maintain a competitive advantage in today's knowledge economy. Efforts and initiatives to develop human capital should be directed

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throughout the firm at all levels

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maintaining a competitive workforce is very challenging in today's economy. The role of evaluating human capital, in recent years, has

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increased

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in a 360-degree evaluation and feedback system, _____________ rate a person's skill and performance

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superiors, direct reports, colleagues

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attracting and retaining human capital is a challenge for many firms today. firms experiencing high turnover should

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adopt effective retention strategies

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in order to take advantage of investment in human capital, a firm should

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establish practices that will enhance employee retention all

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the least effective way to retain human capital is

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requiring employees to sign agreements that prevent them form working for competitors in the future

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generally, employees are most likely to stay with an organization if

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the organization's mission and values align with the employee's mission and values

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many successful firms use internal labor markets. the most important reason they do this is because

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they want to keep highly mobile employees motivated and challenged

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all of the following are the benefits of diversity in a firm's workforce except

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similarity in perspectives argument

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human capital and social capital are vital for superior firm performance. if a firm has strong human capital, the firm may exploit this by building social capital. this can be accomplished through

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encouraging the sharing of ideas between employees in the firm

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in an effort to capture key employees from competitors, firms may attract the symbolic leader of a group within a competing firm and hope others will follow. this has been termed

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the "Pied Piper effect"

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social capital is a source of strength to many firms. firms leverage their social capital in an effort to create competitive advantages. a firm's social capital is based on

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the relationships among a firm's employees

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social network analysis is helpful because the configuration of group members' social ties within an outside the group affects the extent to which members connect to individuals who do all of the following EXCEPT

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ensure that everyone has the same perspective on strategic and operational issues

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in social network analysis _______________ stress(es) the importance of ties connecting heterogeneous people, helping to ensure a wide range of diversity in information and perspective

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bridging relationships

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in social network analysis, high levels of _____________________ often come at a price. for example, groups can become too insular and fail to share what they have learned with people outside the group

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closure

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advantages of effective social networks for career success include all of the following EXCEPT

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greater redundancy in knowledge sources

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among the downsides of social capital is/are:

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social capital may both breed "groupthink" and the socialization processes to create it (orientation, training, etc.) can be expensive

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social capital has many potential benefits. however, according to the text, social capital

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may or may not be beneficial to a firm

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the use of information technology (e.g. e-mail) has increased in recent years in many organizations

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communicate information efficiently

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the creation of knowledge assets is typically characterized by

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high upfront costs and low variable costs

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mary stinson was required to take over a project after the entire team left the company. she was able to reconstruct what the team had accomplished through reading e-mails exchanged by the previous team's members. this is an example of

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using explicit knowledge

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explicit (or codified) knowledge

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knowledge that can be documented, widely distributed, and easily replicated.

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the management of intellectual property involves all of the following EXCEPT

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converting explicit knowledge to tacit knowledge

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dynamic capabilities include all of the following EXCEPT

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becoming more efficient in operational processes

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dynamic capabilities

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are about the ability of an organization to challenge the conventional wisdom within its industry and market, learn and innovate, adapt to the changing world, and continuously adopt new ways to serve the evolving needs of the market.

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